Enerflex Ltd. (EFX.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-126.2%

-CA$8.15

vs CA$31.12 price

Levered DCF

CA$49.98

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.57

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	39.92×	55.04×	-9.15×	-8.21×	-47.88×	6.69×	7.24×	14.02×
P/B	2.38×	1.69×	0.54×	0.54×	0.51×	0.42×	0.82×	1.11×
P/S	0.99×	0.74×	0.24×	0.47×	0.72×	0.48×	0.54×	0.83×
EV / EBITDA	6.62×	6.56×	5.9×	22.08×	6.36×	4.63×	4.62×	6.54×
Gross margin	21.7%	20.9%	17.6%	18.2%	22.9%	24.5%	21.0%	18.1%
Operating margin	12.1%	7.2%	5.1%	5.2%	5.7%	9.7%	12.6%	8.5%
Net margin	2.5%	1.3%	-3.5%	-5.7%	-1.9%	7.2%	7.4%	5.9%
Current ratio	1.13×	0.79×	1.25×	1.27×	2×	2.17×	1.74×	1.68×
Debt / equity	0.6×	0.74×	0.94×	0.96×	0.29×	0.32×	0.37×	0.35×
Interest coverage	3.78×	1.68×	1.38×	1.88×	2.68×	5.08×	11.6×	6.41×
Dividend yield	0.7%	0.5%	1.6%	1.1%	1.0%	4.1%	3.4%	2.4%
Payout ratio	26.6%	28.1%	-11.2%	-8.9%	-38.9%	27.5%	24.8%	33.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.0%	3.1%	-8.0%	-6.5%	-1.4%	6.3%	11.3%	7.9%
Return on invested capital	6.7%	4.5%	5.7%	2.9%	-1.4%	5.6%	9.7%	6.2%
Return on assets	2.4%	1.1%	-2.8%	-2.4%	-0.8%	4.0%	6.2%	4.1%
Free cash flow yield	9.0%	13.9%	17.2%	-11.6%	24.4%	14.7%	-19.1%	7.8%
Earnings yield	2.5%	1.8%	-14.6%	-12.2%	-2.7%	15.0%	13.9%	7.1%
Enterprise value	CA$3.2B	CA$2.4B	CA$1.9B	CA$2.1B	CA$902.6M	CA$944.3M	CA$1.5B	CA$1.5B
Net debt / EBITDA	1.2×	1.75×	3.6×	13.19×	1.52×	1.74×	1.24×	0.5×
Cash conversion cycle (days)	62	72	49	95	98	105	60	68